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Basics of the VA Loan - What You Need to Know

Basics of the VA Loan - What You Need to Know

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6 FAQ'S about VA loans



What are the benefits of a VA loan?

There are many benefits, including no down payment, no mortgage insurance required, and low closing costs.

What do I need to qualify?

To qualify for a VA loan, you need to provide a Certificate of Eligibility. In addition to eligibility, you need to show a good credit history, employment history, and your ability to repay the loan.

Can I use a VA loan to purchase investment property?

Yes, but there is a limit on the amount of units in the property, that limit is up to four units, and the borrower is required to live in one of the units.

Can I use a VA loan for home repairs?

Yes, there are loans for repairing your home, or for making upgrades to your existing home.

Can I have a co-borrower who isn't a veteran?

Yes, but only if it’s your spouse.

Is there a limit on the purchase amount of a home?

Yes, the maximum amount is currently $417,000, however that limit is different for homes in Hawaii and Alaska.

Contact the mortgage specialists at Midland Mortgage Corp. today to determine if you qualify for a VA mortgage.

Call 803.765.1680 or toll-free at 800.854.9484.

Posted Jan 17, 2013 by Midland Mortgage Corporation